{August 31st, 2015} by Michael Markey

My senior year at Eastern Michigan University, I met with a counselor to make sure everything was in order for me to graduate. Apparently, it was not. I had never taken Math 118: Linear Equations. Click HERE to read article…

OLDWICK, N.J. – The Financial Stability Oversight Council’s designation of MetLife Inc. as a systemically important financial institution is not based on facts, but on the council’s imaginative concepts of how the company could lead the country into another financial meltdown, a MetLife legal filing said, according to the latest edition of BestWeek. The FSOC […]

{August 28th, 2015} by ERIK LARSON AND PATRICIA HURTADO

(Bloomberg) — Coventry First LLC illegally marked up prices on hundreds of investments that bet on when people would die, an American International Group Inc. unit said at the start of a fraud trial in New York. Lavastone Capital LLC, the AIG subsidiary, claims Coventry ripped it off of more than $150 million by systematically jacking […]

{August 28th, 2015} by Cyril Tuohy

Investors should expect to see financial advisors stampede out of the market if fiduciary rules proposed by the U.S. Department of Labor (DOL) are adopted. That’s the view from industry lobbyists and executives representing insurance companies, broker/dealers, mutual funds and financial advisors. Not so, insist consumer groups, labor unions, who are among the proponents of […]

{August 27th, 2015} by Mike Siegel

In today’s low yield environment, an efficient way for life insurers to enhance portfolio returns may be through investing in less liquid assets. Life insurers may be cautious of increasing credit risk as credit assets are expensive and credit underwriting standards are deteriorating. Increasing duration can be challenging when the path of interest rates remains uncertain […]

{August 27th, 2015} by Admin

Clients will have access to an expanded suite of investment products and services Annuity Educator is pleased to announce that they have recently added American Equity to their long list of preferred partners. As a leading investment life insurance holding company, American Equity specializes in fixed index and fixed-rate annuity products. With this new partnership, Annuity […]

{August 26th, 2015} by Paul Wilson

San Francisco – It’s no secret that the insurance industry is facing an enormous talent gap in the coming years. As more boomers retire every day, the industry will need to fill 70,000 positions per year, yet only 14,000 students each year are currently pursuing risk and insurance degrees. But as Jessica Gaudio of MyPath told attendees Thursday […]

{August 26th, 2015} by Linda Koco

There might annuity product designs be heading in the second half of 2015? Based on the August product launches, the focus is on retirement income — and retirement security. Attention to accumulation does show up, but that too is couched in terms of income. Following are a few examples of the different ways this is […]

{August 26th, 2015} by Chuck Epstein

The age of consumerism has passed over the financial services industry. This means average investors who buy mutual funds, insurance policies, annuities and other types of investments work under the assumption that their financial adviser is working in their best interests. This is a false assumption. As numerous lawsuits and ongoing battles over the role […]

{August 26th, 2015} by Christopher Robbins

Life Happens, a non-profit group, is offering advisors a tool that aids in the marketing of life insurance products. The organization, dedicated to educating the public about health and life insurance, has made its Life Happens Pro platform available to advisors. “We’ve built this platform so that they can take advantage of social media,” Matt […]

{August 26th, 2015} by Warren S. Hersch

Expanding on a growing body of research focusing on women, a new report identifies a gender gap in financial preparedness. The study, unveiled by NerdWallet, reveals that more than 4 in 10 women who own life insurance (43 percent) would be financially impacted by the death of a spouse. The fallout from a spouse’s loss […]

{August 26th, 2015} by Quentin Fottrell

When the wage gap collides with the longevity gap Nearly half of women (49%) say their ability to make mortgage payments, save for college tuition and pay bills would be adversely affected by the death of their spouse, compared to just 37% of men, according to a new survey by personal finance site NerdWallet. Women […]

{August 26th, 2015} by Brooks Tingle

We’ve come a long way from our old vanilla & chocolate world (Whole Life & Term that is) by Brooks Tingle Mr. Tingle is Senior Vice President, Marketing and Strategy for John Hancock Insurance. In addition to leading all of John Hancock’s insurance marketing activities, Mt. Tingle is charged with developing and implementing John Hancock’s […]

{August 25th, 2015} by Wink RockStars

Serving as the industry’s #1 resource of indexed insurance product sales; Wink’s Sales & Market Report is unique in that it provides sales by product, company, crediting method, index, distribution channel, surrender charge period and more. The newest version of Wink’s Sales & Market Report will be released with the upcoming 2nd Quarter, 2015 results! […]

{August 25th, 2015} by David Port

Any advisor who counts a business owner among their clients knows that telltale look, the one that says, “I already have too much on my plate running a company to worry about long-term planning stuff.” All too frequently, the day-to-day concerns of running a company push vital business planning and big-picture strategic decisions to the […]

{August 24th, 2015} by John Pappajohn

9:29 p.m. CDT August 11, 2015 Ask an outsider what they know about Iowa, and they may say one of three things, CORN … HOGS … and FARMLAND. Yes, Iowa is known for its agricultural bounty. But visit the world-famous Art Institute of Chicago, and you’ll undoubtedly run into “American Gothic,” a painting universally recognized […]

{August 24th, 2015} by Business Wire

OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/health (L/H) industry performed favorably in the first quarter of 2015, with a 54% increase in net income and a 5.8% increase in direct premiums written (DPW), compared with the prior-year period, according to a new A.M. Best special report. However, despite the positive earnings in the first quarter and in recent […]

{August 24th, 2015} by Daniel Williams

Eric Scott, for lack of a better word, is a storyteller. He weaves pages from history, insights from his 30 years as a retirement expert, even touchstones from his personal life, to better connect with his clients, providing guideposts for their retirement. When Scott’s Dad died earlier this year he spoke about it on his […]

{August 24th, 2015} by Cyril Tuohy

Sluggish sales trends in the life insurance and annuities sector beg the question: Will life insurance and annuities as we know them be relegated to niche products one day? Are they not already there, so far as consumers are concerned? Nasty, ugly thoughts unwelcome at the tail end of the splendid summer months. Click HERE […]

CHICAGO – Iowa Insurance Commissioner Nick Gerhart said the U.S. state-based insurance system deserves mutual recognition from European regulators attempting to create new international regulations. Gerhart spoke with Best’s News Service at the National Association of Insurance Commissioner’s Summer National Meeting. The following is an edited transcript of the interview. Q: You’re a member of […]

WASHINGTON – The Financial Stability Oversight Council’s designation of MetLife Inc. as a systemically important financial institution is not based on facts, but on the council’s imaginative concepts of how the company could lead the country into another financial meltdown, MetLife said. The FSOC critique was contained in a MetLife legal brief filed Aug. 21 […]

{August 24th, 2015} by Ian Katz and Andrew harris

(Bloomberg) — MetLife Inc.’s fight to free itself from a costly government label is increasingly focusing on a bold argument: The giant insurer isn’t actually a U.S. financial company. In court papers filed in Washington on Friday, MetLife said it doesn’t meet the legal definition of a U.S. non-bank financial firm, in part because […]

{August 24th, 2015} by NAFA Staff

American Equity Investment Life Insurance Company, a leading issuer of fixed indexed annuities, celebrated its 100th Client Appreciation Event recently in Louisville, Kentucky. American Equity representatives hosted more than 300 policyholders and guests for an informal luncheon. The attendees enjoyed an opportunity to learn more about the industry, their individual annuities and ask Company leaders […]

{August 24th, 2015} by N/A

Asset allocation in retirement income planning is perhaps one of the most fundamental concepts to ensuring sufficient retirement income while maximizing the growth potential of a client’s assets. While equities, bonds and cash equivalents are some of the traditional asset classes, or buckets, that advisors seek out in designing any given client’s allocation strategy, a […]

{August 24th, 2015} by Sheryl J. Moore

June marked the second annual commencement of National Annuity Awareness Month-a month dedicated to educating consumers about annuities, their benefits and features. Since I was out on maternity leave last June, this was my first opportunity to be involved in the festivities. In fact, I was able to obtain the Iowa governor’s Proclamation, identifying the […]

{August 21st, 2015} by Kevin Hardy and Matthew Patane

Larry Zimpleman, who as CEO steered Principal Financial Group through the Great Recession, has stepped aside, passing control to Chief Operations Officer Dan Houston. Zimpleman, Principal’s CEO since 2008, will stay active within the company as the executive chairman of the board of directors, a board-approved move that became effective Tuesday. Zimpleman was responsible for […]

{August 21st, 2015} by The Associated Press

DES MOINES, Iowa —Principal Financial Group announced that Daniel Houston has been named president and chief executive officer. The new position will be effective Aug. 18. “Careful and thoughtful succession planning is an integral part of our business success,” said Larry Zimpleman, chairman of Principal’s Board of Directors. “Dan brings 31 years of experience […]

{August 21st, 2015} by Andrew G. Simpson

After careers spent crafting and controlling their companies’ messaging to customers, insurance marketing and advertising professionals have lost control. Customers and prospects have taken over. Increasingly, today’s insureds and prospects care more about what other parties have to say than they do about what an insurer or agency has to say about its products and […]

{August 21st, 2015} by Warren S. Hersch

If you’re a loyal reader of LifeHealthPro, then you’re likely aware of a gender gap — actually, multiple ones — in the market for insurance and financial services. Lest your memory is in need of refreshing, here are some examples from industry surveys we’ve reported on in this space: Click HERE to read

{August 20th, 2015} by InsuranceNewsNet

Recent billion-dollar acquisitions of U.S. life carriers by large Japanese life insurers don’t necessarily mark the beginning of a trend, as very few Japanese insurers are large enough to execute such transactions, an analyst said. With three of the four largest Japanese insurers having announced U.S. acquisitions in the past year, the Japanese giants are […]

{August 20th, 2015} by Steve Olenski

Everybody should have health insurance. Life insurance. Auto insurance. Homeowner’s insurance or rental insurance. Bad hair day insurance. A pension plan. Savings bonds. Gold buried in the backyard. Yada, yada and yada. There’s just too many financial products to buy, so why bother with any of them? Eat, drink, and be merry — for tomorrow […]

{August 19th, 2015} by Matthew Patane

A Des Moines-area life insurance company that came to Iowa last year has a new owner from Japan. Symetra Financial, a Washington-based company, announced Tuesday that it is now owned by Sumitomo Life Insurance Co. Sumitomo is a life insurance company with headquarters in Tokyo and Osaka, Japan. The acquisition of Symetra Financial includes Symetra […]

{August 19th, 2015} by Cyril Tuohy

Transamerica, New York Life, Great American and Prudential have signed on to a producer management portal offered by the Depository Trust & Clearing Corp. (DTCC). The automated platform offers insurers a centralized database for the annuities industry to track, share and verify producer training completions. Because annuity agents can be licensed and appointed in many […]

{August 19th, 2015} by Andrew G. Simpson

Insurance producers are calling upon the Obama Administration to begin implementation of a licensing reform measure signed into law eight months ago. When President Obama signed the renewal of the Terrorism Risk Insurance Act (TRIA) in January, he also signed into law an attached measure to streamline insurance producer licensing known as the National Association […]

{August 18th, 2015} by Sheryl J. Moore

June marked the second annual commencement of National Annuity Awareness Month- a month dedicated to educating consumers about annuities, their benefits, and features. Since I was out on maternity leave last June, this was my first opportunity to be involved in the festivities. In fact, I was able to obtain the Iowa governor’s Proclamation, identifying the indexed annuity capital of […]

{August 18th, 2015} by Jamie Johnson

Wink loves the latest viral Twitter campaign #ILookLikeAnEngineer! Facing our own industry stereotypes, we can relate with fellow insurance agents who “do not fit the cookie-cutter mold”. Calling all Agents! Stand up and join our campaign! Tweet us a photo to redefine who an insurance agent is #ILookLikeAnAgent Click HERE for further #ILookLikeAnEngineer inspiration

{August 18th, 2015} by Nichole Morford

Before the tax advantages, before the investment elements, before a single fancy rider had been dreamed up, the need for life insurance was recognized and honored. This is a product that can be traced all the way back to ancient Rome, where military leaders established guilds called “benevolent societies” to cover funeral expenses and living […]

{August 18th, 2015} by Megan Leonhardt

The Department of Labor’s proposed fiduciary rule will cost independent broker/dealers nearly $3.9 billion in start-up costs, according to a new study commissioned by the Financial Services Institute. The industry lobby group released the report, conducted by Oxford Economics, on Tuesday. The report found that startup costs per firm range from $1.1 million to $16.3 million, […]

{August 18th, 2015} by Paul Mallett

Unless you’ve had your head buried in the sand for past 20 years or so, you are aware women are assuming greater financial control within the family. In fact, it’s quite common now for the woman to be the primary breadwinner.Women today are every bit as financially savvy as men, and are often more concerned […]

{August 18th, 2015} by John Hilton

After four days, 75 speakers, and 27 hours of testimony featuring thousands upon thousands of words devoted to the vagaries of financial planning, the Department of Labor closed its public hearing today. The next steps are likely to provide some interesting political theater — more on that in a moment. Officially, the DOL will publish […]

{August 18th, 2015} by Beaver County Times

Aug. 15– Lauryn Williams is always looking for her next adventure. First, it was track, a first love that took her all the way from high school state championships to the Olympics. When that ended, there was bobsled, an unexpected second love that made her one of six athletes to win a medal in both […]

{August 18th, 2015} by Marlene Y. Satter

The Consumer Federation of America has come out swinging in favor of the Department of Labor’s proposed fiduciary rule. In its latest foray, CFA has targeted three separate arguments made by the financial industry against the proposed rules, saying that rule makers can “safely ignore” them “as the last gasp efforts of industry to maintain a […]

{August 18th, 2015} by David De Jong, Bloomberg

(Bloomberg) – Shares of Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., fell the most in almost two years after the company reported second-quarter profit below estimates and lowered its target for a key financial ratio. The company on Thursday said net income stood at 350 million euros ($389 million) in the three months […]

{August 18th, 2015} by Cyril Tuohy

Genworth reported a second-quarter loss of $193 million, or 39 cents per diluted share, compared with net income of $176 million, or 35 cents per share in the year-ago period. Adjusted for one-time costs, earnings came to 24 cents a share, missing Zacks Investment Research analysts’ expectations by 2 cents a share. After-tax losses were […]

{August 17th, 2015} by Peggy Bresnick

While overall annuity sales are stalling, fixed indexed annuities continue to gain momentum. For instance, industry-wide annuity sales in the U.S. during the first quarter of this year reached $52.7 billion, which represented a 6.9 percent decrease from $56.6 billion in the previous quarter. This is according to sales results for the U.S. annuity industry […]

{August 17th, 2015} by Warren S. Hersch

The men and women of the U.S. armed forces who put themselves daily in harm’s way hold among the nation’s most dangerous occupations. So it should come as little surprise that demand for life insurance is particular high in the military. You may be interested to learn, however, that policy purchases are not all for […]

{August 17th, 2015} by Marlene Y. Satter

Total IRA assets will likely reach $11.7 trillion by the year 2020, according to new research from Cerulli Associates. The report, “Evolution of the Retirement Investor 2015,” looked at the following: CLICK HERE to read

{August 17th, 2015} by Ed McCarthy, CFP, RICP

I recently completed a continuing education course on fixed index annuities (FIAs). It was a useful review of the products, but what struck me was the difference between FIAs’ internal structures and the outcomes that the client sees. FIAs have lots of moving parts that advisors consider to best meet clients’ needs: index selection and […]

{August 17th, 2015} by Rep. Earl L. “Buddy” Carter (R-Ga.)

Having owned and operated community pharmacies for nearly thirty years, I take pride in having provided my employees with the tools they needed to achieve financial independence. One of the most important tools in this effort were retirement investment plans so they could save to retire comfortably. Unfortunately the Obama administration is now taking steps […]

{August 17th, 2015} by MIB

Braintree, MA. (August 14, 2015) — U.S. application activity for individually underwritten life insurance was up +4.0% in July, year-over-year, all ages combined according to the MIB Life Index. July’s strength comes on the heels of progressive quarterly growth in 2015 with Q1 up +1.5% and Q2 up +2.6% 2015/2014. Year-to-date (YTD) July, the MIB […]

{August 17th, 2015} by Business Wire

OLDWICK, N.J.–(BUSINESS WIRE)–With the continuation of low interest rates and narrowing credit spreads, A.M. Best is seeing evidence that some life insurers are reaching for yield via the assumption of liquidity risk in their fixed income portfolios. According to a new Best’s Briefing, titled, “A Reach for Yield: Fixed Indexed Annuity Writers Turn to Less […]

{August 17th, 2015} by Cyril Tuohy

Department of Labor (DOL) officials need to refine their fiduciary rule proposal by detailing what they mean by insurance commission, an insurance and annuity expert said. He added that the department should retain sales incentives and marketing payments paid to agents. Jim Poolman, executive director of the Indexed Annuity Leadership Council, also urged the Labor […]

{August 17th, 2015} by Marketwired

DES MOINES, IA–(Marketwired – August 14, 2015) – Sammons Financial Group has donated $50,000 to the Children and Family Urban Movement (CFUM), a non-profit organization that supports children and families through academic programs in the Des Moines community. The donated funds will allow CFUM to upgrade its technology infrastructure for both staff and participating youth […]

{August 17th, 2015} by Business Wire

August 17, 2015 11:00 AM Eastern Daylight Time LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced the launch of LifePay, the company’s first lifetime income benefit option within the Jackson AscenderPlus Select fixed index annuity (FIA). The new feature, available for an additional charge, offers contract-holders the flexibility to start or stop income […]

{August 17th, 2015} by Manufacturing Close Up

Jackson National Life Insurance Company generated a record $1.3 billion in IFRS pretax operating income during the first half of 2015, an increase of 14 percent over the first half of 2014. In a release on August 11, the Company noted that this overall increase was primarily driven by increased fee income on higher separate […]

{August 16th, 2015} by Virginian-Pilot (Norfolk, VA)

Aug. 16–On the surface, Daryl Bank looks like a local businessman who has made it big. His face is on the cover of books offering financial advice. His voice was broadcast on radio stations here and in more than two dozen other markets around the country. Click HERE to read article Wink’s […]

{August 14th, 2015} by Peggy Bresnick

With a wide range of benefits that include tax deferred accumulation, potential to earn interest linked to an index and protection against loss of principal, fixed index annuities (FIAs) can be a great component in an individual’s overall retirement plan. However, even though FIAs can be a great way for individuals to protect their assets […]

{August 14th, 2015} by John Hilton

Department of Labor officials found some areas of agreement with financial execs this afternoon on its controversial “best interest contract exemption,” known as BIC. In place of the BIC, Charles Nelson, CEO of retirement for Voya Financial, proposed a one-page “Customer’s Bill of Rights.” It would include any disclosures, compensation terms, and encourage investors to […]

Editor’s Note: This article is excerpted from Tools & Techniques of Life Insurance Planning, 6th edition, which delivers detailed information about the entire range of life insurance products that can be used by estate and financial planners in a wide variety of circumstances. It includes planning techniques for retirement income needs, estate and gift tax avoidance, estate liquidity […]

{August 14th, 2015} by Casey Dowd

According to LIMRA, indexed universal life insurance policy premiums increased 23% in 2014. But financial experts warn this product, which was first introduced in 1997, is not for everyone. Robert Quinlan, the managing member of Quinlan Care LLC, an insurance agency/brokerage firm based in New York, discussed with me the pros and cons of this […]

{August 14th, 2015} by John Hilton

Faced with legislative pressure to slow momentum toward an expanded fiduciary rule, a defiant Labor Secretary Thomas Perez brushed aside criticism in a new letter. Tensions over the conflict of interest rule – heightened this week by a four-day public hearing – played out in an exchange of letters. In recent days, 12 Democratic senators […]

{August 14th, 2015} by Chip Anderson

Message from NAFA First and foremost, I’d like to thank the industry for the warm welcome I received as I assumed the post of Executive Director at NAFA on May 1. Working with NAFA over the past 15+ years, I know all too well how critical it is to have a clear voice protecting and […]

{August 14th, 2015} by Bryce Sanders

Who doesn’t love regulation? At one time, the financial services industry and the airlines were regulated. Everyone charged about the same amount for the services they provided. Competitors differentiated themselves through their extras. Brokerage firms talked about the depth of their research. Click HERE to read article

{August 13th, 2015} by Andrew Murdoch

It happens all the time. At some point, an annuity owner hears about a 1035 Exchange — a tax-free exchange from one annuity to another — and wonders whether he or she should swap their annuity for another, especially if they no longer face surrender charges.. If you can get better benefits or a higher […]

{August 13th, 2015} by Bryce Sanders

Who doesn’t love regulation? At one time, the financial services industry and the airlines were regulated. Everyone charged about the same amount for the services they provided. Click HERE to read article

{August 13th, 2015} by Rich Lane

When it comes to making financial preparations for the future, there is nothing clients love more than a sure thing. The opportunity to make investments with a guaranteed minimum rate of return is just one of the reasons why fixed annuities are gaining in popularity, especially among post-recession investors. In a recent post, I outlined […]

{August 13th, 2015} by Best's News Service

Oldwick – A.M. Best has commented that the issuer credit rating (ICR) of “bbb+” of Symetra Financial Corporation(Symetra) (headquartered in Bellevue, WA) [NYSE: SYA], as well as the financial strength rating of A (Excellent) and the ICRs of “a+” of the two domestic life/health insurance subsidiaries of Symetra: Symetra Life Insurance Company (headquartered in Bellevue, […]

TOKYO – Sumitomo Life Insurance Company of Japan said it plans to acquire Symetra Financial Corp. for $3.76 billion. Symetra, a major U.S. stop-loss insurer, is to become a wholly owned subsidiary of Sumitomo and continue to operate from Bellevue, Washington. Sumitomo said it believes the acquisition would enhance its “financial and earnings foundation as […]

{August 13th, 2015} by Emily Zulz

While the financial services industry has historically been known as a male-dominated field, that’s slowly starting to change. ThinkAdvisor, a sister site of LifeHealthPro, sat down with two women at the helm of a new women’s initiative at Lincoln Financial Network to hear how they are working hard to tackle the boys’ club image attached to […]

{August 13th, 2015} by Bloomberg

The following is a press release from Standard & Poor’s: — American Equity improved its capital above our ‘A’ target level through deleveraging and retaining earnings. — We are revising our financial risk profile on the company to strong from moderately strong and raising our ratings on the company to ‘A-‘ from ‘BBB+’. — The […]

WASHINGTON – A proposed U.S. Department of Labor regulation overstates the benefits of tightening conflict of interest standards for retirement advisers while not recognizing that the new rules could cost investors up to $19 billion a year, insurance industry representatives said. “You are the agent of Leviathan,” Ron Bird, senior regulatory economist at the U.S. […]

{August 12th, 2015} by John Mountford

The insurance industry is built on the skill of its underwriters’ in assessing and pricing risk, but there are some indicators that suggest an aging workforce combined with a continuing lack of contract certainty could be creating future challenges. Steps should be taken now to record the knowledge, experience and even the mistakes of industry […]

{August 12th, 2015} by IFAwebnews Staff

Despite the retirement and pending retirement of Baby Boomers – the most affluent and second-biggest generation in American history – annuity sales are faltering and may not rebound, according to AnnuityFYI, an online informational resource for annuity shoppers. According to AnnuityFYI, data from the Insured Retirement Institute (IRI), Morningstar Inc., Beacon Research and LIMRA Secure […]

{August 12th, 2015} by IFAwebnews Staff

Insurance Department Recovers More Than $70 Million for Pennsylvania Life Insurance Beneficiaries in First Half of 2015 as Part of Ongoing Multi-State Probe Insurance Commissioner Teresa Miller announced her department has recovered $70,449,334 for 4,293 beneficiaries through the first six months of 2015, as Pennsylvania continues to serve as a lead state in several multi-state […]

{August 12th, 2015} by Peggy Bresnick

Retirement income estimates vary considerably, but one thing is clear across the board: it’s essential for every individual to have a solid retirement strategy that includes enough savings and/or a steady stream of cash to guard against outliving assets. One rule of thumb is that an individual will need 70 percent of pre-retirement yearly salary […]

HARTFORD, Conn. – Phoenix Cos. Chief Executive Officer James Wehr said life and annuity sales increased as it narrowed its second-quarter net loss. Net loss narrowed to $22.4 million from a loss of $73 million. Total revenue rose to $422 million, from $413.1 million. “The quarter was marked by mixed financial results,” James Wehr, president […]

{August 12th, 2015} by Marlene Y. Satter

While some (very few) industry experts say there’s little or nothing to fear on the retirement front, deep down inside we all know it’s not true. How else to explain how worried everyone is about retirement? Insecurity on the job (or a complete absence of employment), low and frozen salaries, high expenses and unpredictable markets […]

{August 11th, 2015} by Peggy Bresnick

Fixed index annuities combine the reliability and predictability of a fixed annuity with the ability to benefit from stock market trends inherent in index annuities, which rely on a stock market index like the Dow Jones Industrial Average or the Standard & Poor’s 500. Individuals that opt for fixed index annuities have the security of […]

{August 11th, 2015} by Business Wire

Symetra to Operate as a Wholly Owned Subsidiary of Sumitomo Life and Maintain Current Businesses, Employees, Management Team, Strategy, Operations, Community Support and Headquarters All-cash Transaction Offers a Meaningful Premium and Compelling Value to Symetra Shareholders BELLEVUE, Wash.–(BUSINESS WIRE)– Symetra Financial Corporation (NYSE: SYA) (“Symetra”) today announced that it has entered into a definitive merger […]

{August 11th, 2015} by Bloomberg

(Aug 11): Sumitomo Life Insurance Co. agreed to buy Symetra Financial Corp. for about $3.8 billion as the Japanese company seeks to expand in the U.S. Symetra investors will receive $32 a share in cash plus a special dividend of 50 cents a share, Bellevue, Washington-based Symetra said Tuesday in a statement. Symetra closed at […]

{August 11th, 2015} by PRNewswire

DES MOINES, Iowa, Aug. 5, 2015 /PRNewswire/ — Fidelity & Guaranty Life (NYSE: FGL), a leading provider of annuities and life insurance, today reported net income of $86 million or $1.48 per diluted common share for the fiscal third quarter of 2015 ended on June 30, 2015(1). The Company reported adjusted operating income of $25 million, or $0.43 […]

{August 11th, 2015} by Voya

WEDNESDAY, AUGUST 5, 2015 NEW YORK, Aug. 5, 2015 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today the following financial results for the second quarter of 2015: After-tax operating earnings1,2 of $179 million, or $0.78 per diluted share, compared with $213 million, or $0.83 per diluted share in the second quarter of 20143. The following […]

{August 11th, 2015} by Business Wire

Second quarter 2015 after-tax operating income of $1.9 billion or $1.39 per diluted share Book value per share excluding AOCI and DTA of $62.22 increased 10 percent from the prior-year quarter Approximately $2.3 billion in share repurchases during the second quarter of 2015; additional repurchases of approximately $965 million through the end of July 2015 […]

{August 11th, 2015} by Business Wire

OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has removed from under review with developing implications and affirmed the financial strength rating of A- (Excellent) and the issuer credit ratings (ICR) of “a-” of the key life/health subsidiaries of Genworth Financial, Inc.(Genworth) (Richmond, VA) [NYSE:GNW]. Additionally, the ICR of “bbb-” of Genworth and its existing issue ratings have been […]

{August 11th, 2015} by JOHN REID BLACKWELL Richmond Times-Dispatch

Genworth Financial Inc. confirmed Wednesday that it reduced about 220 positions in the first six months of this year as the Henrico County-based insurer looks to cut costs. And Genworth executives told analysts that the company is no longer looking at selling its life and annuity insurance businesses. Thomas J. McInerney, the company’s president and […]

{August 11th, 2015} by LifeHealthPro

(Bloomberg) — Genworth Financial Inc., the insurer that has been selling units to rebuild capital, said it will probably not get rid of its entire life and annuity operation. The insurer may instead seek buyers for blocks of life contracts, Chief Executive Officer Tom McInerney said Wednesday in a conference call discussing results at the […]

{August 11th, 2015} by KATHERINE CHIGLINSKY

(Bloomberg) — Prudential Financial Inc., the second- largest U.S. life insurer, agreed to buy Deutsche Bank AG’s India asset-management business. The unit had average assets under management of more than $3 billion in the second quarter, Newark, New Jersey-based Prudential said Friday in a statement that didn’t disclose terms. Prudential has been seeking to bolster […]

{August 11th, 2015} by Business Wire

NEWARK, N.J.–(BUSINESS WIRE)– Prudential Financial, Inc. (NYSE:PRU): After-tax adjusted operating income of $1.350 billion, or $2.91 per Common share, compared to $2.49 per Common share for the year-ago quarter.1 Significant items included in current quarter adjusted operating income: – Pre-tax net benefit of $117 million from reserve refinements and adjustments of amortization of deferred policy […]

{August 11th, 2015} by AM Best

FOR IMMEDIATE RELEASE LONDON – AUGUST 06, 2015 A.M. Best has affirmed the financial strength ratings (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of Allianz SE (Allianz) (Germany) and most of its A.M. Best rated subsidiaries. In addition, A.M. Best has upgraded the FSR to A+ (Superior) from A (Excellent) […]

{August 11th, 2015} by Trevor Hunnicutt

A subsidiary of the insurance giant Allianz SE on Tuesday announced changes to its fixed-index universal life insurance lineup, offering a new underlying index and benefits to the product’s fast-growing market. Two of the firms’ products now will be available with a new benchmark, the Barclays U.S. Dynamic Balance Index II, that’s used to calculate […]

{August 11th, 2015} by KATHERINE CHIGLINSKY

(Bloomberg) — Questar Capital, the broker-dealer owned by a North American life insurance unit ofAllianz SE, named Sherri DuMond chief executive officer, replacing Kevin Bachmann. Questar Capital also named Scott Carlson as president and national sales director, the Minneapolis-based unit said Tuesday in a statement. DuMond was most recently senior vice president and head of distribution training […]

{August 11th, 2015} by AM Best

MUNICH – Allianz Group had a strong second quarter on lower catastrophe losses and premium growth in property/casualty lines, while the group’s chief financial officer said he looks to strategic changes in product offerings for the life/health segment and ongoing recovery in its asset management segment to overcome lower results. CFO Dieter Wemmer said in […]

{August 11th, 2015} by Jamie Johnson

If the beneficiary of a deceased owner of an individual retirement account fails to comply with the post-death required minimum distribution rules and the other post-death IRA distribution rules, then the beneficiary can be subject to penalties from the Internal Revenue Service. Practitioners should know the rules and work with the custodian of a deceased […]

{August 10th, 2015} by Mason Braswell

Two large financial services firms, MetLife Inc. and LPL Financial, are locked in a heated dispute as MetLife looks to stem a tide of recent broker defections. In a still-unresolved arbitration claim filed in May with the Financial Industry Regulatory Authority Inc., MetLife, an insurance firm with about 5,000 brokers, accused LPL, which has […]

{August 10th, 2015} by IFAwebnews Staff

A former senior official with the District of Columbia Department of Insurance, Securities & Banking (DISB) has rejoined as acting commissioner, following the abrupt departure of its previous acting commissioner. The new leader is the third to manage the District’s regulatory agency in less than two years. Stephen Taylor succeeds Chester A. McPherson, who has […]

{August 10th, 2015} by Alessandra Malito

As the shift to mobile transforms the financial services industry, advisers need to be aware of best-practice methods to ensure smartphone security. Although data breaches and hacking into enterprise networks and desktop computers have been more publicized lately, advisers who use their smartphones to access client data are also highly at risk — and they […]

{August 10th, 2015} by Emily Holbrook

The proposed DOL fiduciary rule has been weighing heavy on the industry’s mind since it was introduced back in April. Some sides say it will have a significant negative impact on advisors and insurers that sell annuities while others feel the claims are overblown. Here at the 2015 Advisor Network Summit, the feeling was a bit […]

{August 10th, 2015} by Nick Thornton

For all of the arguments raised by the Department of Labor’s proposed conflict-of-interest rule — 938 formal comments have been posted online, the preponderance in opposition to the rule — the most obvious, and perhaps most damaging to opponents of the rule, has yet to be fleshed out, according to one RIA. Not even the DOL has pointed out […]

NEWARK, N.J. – Saying he wants to “ensure that consumer access to important retirement products is not impeded,” Prudential Financial’s Chairman and Chief Executive Officer John Strangfeld used part of the company’s Aug. 6 conference call to detail its concerns over the Department of Labor’s fiduciary rule proposal. Prudential filed a letter with the department […]

{August 10th, 2015} by John Hilton

Seventy-five groups are lined up to butt heads at the Department of Labor’s four-day public hearing on its proposed fiduciary rule. The hearing begins at 9 a.m. Monday and is scheduled to conclude Thursday afternoon. The DOL added a fourth day to its initial three-day plan. Click HERE to read more Wink’s […]

{August 10th, 2015} by Lincoln Financial Group

RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced its Group Protection business is expanding its presence in the Atlanta area to accommodate growth and enhance the service it provides to customers and brokers. Lincoln has selected RiverEdge Summit as the new facility, which will open in the spring of 2016. The new location will […]

{August 10th, 2015} by Kerri Tanner

The insurance industry has made huge strides in the last decade. Our underwriting decisions are now informed by complex computer models and mapping tools, and yet our networking has stayed more or less the same. Although lunches, sporting events, happy hours and phone calls have driven marketing in the insurance industry since the beginning, with […]

WASHINGTON – The U.S. insurance industry continues to add jobs, picking up 9,600 in July, according to figures released Aug. 7 by the Bureau of Labor Statistics. The seasonally adjusted 0.37% increase for July over June illustrates the continued insurance industry growth during the past year. The growth rate for July was higher than the […]

{August 7th, 2015} by John Hilton

Richard Murphy played big-time college football for four years, served in the Marines during the Vietnam War, and has served financial advice to clients for more than 40 years. He knows how to stare down challenges and come out on top. But Murphy said he may forfeit the fight if the Department of Labor’s proposed […]

{August 7th, 2015} by N/A

Among recent enforcement actions by the Securities and Exchange Commission were charges against perpetrators of fraud involving “charitable gift annuities,” against a Canadian citizen in a microcap fraud case; against a Houston-area businessman working a Ponzi scheme worth more than a million dollars; and against an energy company, its current chief operating officer and its […]

{August 7th, 2015} by Randall Smith

Charles Dickens invented the interminable estate dispute Jarndyce v. Jarndyce for “Bleak House,” his 1853 novel. In real life, the Federal Trade Commission once took 16 years to force Carter’s Little Liver Pills to drop the word “Liver.” And antitrust regulators spent 13 years on a case against IBM before the Reagan administration dropped […]

{August 7th, 2015} by Edmund H. Mahony

Federal prosecutors have expanded the charges pending against one-time rising Hartford insurance broker Earl O’Garro, who now is accused of stealing insurance premiums from the city, lying on a state loan application and defrauding other insurance companies. The superseding indictment against O’Garro, former owner and president of wholesale broker Hybrid Insurance, was made public by […]

{August 7th, 2015} by Lori Widmer

There is nothing more exciting than being an insurance agent.” When Danielle Byrne thinks of the various careers of the people she knows, she feels incredibly lucky. Where some of her friends have to use great tact and care in dealing with people in their lines of work, Byrne, an independent life insurance agent in […]

{August 6th, 2015} by Emily Holbrook

You have to work for a cause, not for profits. You have to care more about helping others than the amount of assets under management you have. You have to not let fear rule your practice. Click HERE to read more…

{August 5th, 2015} by Russ Alan Prince

The general perception of life insurance agents – based on surveys – is that the opportunities for life insurance agents are diminishing. In many respects, this is indeed accurate. However, for those experienced and technically proficient life insurance agents, there are significant new business opportunities that a large percentage of them are failing to capitalize […]

{August 5th, 2015} by Carrie Wells

A Towson financial services firm that was accused by Maryland’s attorney general of misrepresenting the risks of its strategy fired back Tuesday with a lawsuit alleging that the attorney general is violating the owner’s constitutional rights. Philip Rousseaux, the owner of Everest Wealth Management and Everest Investment Advisors Inc., says he has been targeted by […]

{August 5th, 2015} by Carla Fried

Retirement policy wonks don’t usually get hate mail. But in 2008, Teresa Ghilarducci, an economics professor at the New School for Social Research, proposed replacing 401(k) plans and their income tax break with a mandated government savings plan for all workers. The blowback was so intense that the school’s chief of security gave her his cell […]

{August 5th, 2015} by Jeffrey M. Jones

PRINCETON, N.J. — Thirty-eight percent of U.S. investors have a written financial plan to help them achieve their investment and retirement goals. Retired investors (43%) are more likely than nonretired investors (36%) to have a written financial plan, as is typically the case. However, the percentage of nonretired investors with a written plan is up […]

{August 5th, 2015} by Ben Steverman

(Bloomberg Business) — The insurance salesman must have noticed that Carl Streed Jr. was wearing his engagement ring, because he started referring to Streed’s wife. Streed didn’t say anything at first. But when the guy asked how to spell her name, Streed says, “I just took the pen and wrote: ‘CHAD.’” Click HERE to read article…

{August 5th, 2015} by Bonnie L. Cook, Inquirer Staff Writer

Richard Schultz Schweiker, 89, a political novice who rose from the unlikely incubator of Norristown to become a U.S. congressman, senator, and secretary of health and human services, died Friday, July 31. Mr. Schweiker died of complications from an infection at AtlantiCare Regional Medical Center in South Jersey. He had lived in McLean, Va., since […]

{August 5th, 2015} by Brian Anderson

When it comes to business ethics, it’s no big surprise that ascending to and being in positions of power has the potential to corrupt behavior. But does power tend to corrupt men more than women? A 2013 study done by researchers at the University of Pennsylvania’s Wharton School suggests that women are less willing than […]

{August 5th, 2015} by Emily Zulz

How do wealthy investors use social media and mobile technology in financial decisions? A new report from Spectrem Group takes a peek inside investors’ mobile and social lives to find out how investors are using social media and other emerging technologies in their financial dealings. The report, Using Social Media and Mobile Technology in Financial Decisions, […]

{August 5th, 2015} by Bill Schu

There is often an inverse relationship between the perceived complexity of a retirement investment and its adoption in the marketplace. Lifecycle (target-date) funds, which we covered recently here—are at the more simple end of the complexity spectrum. For many, annuities are at the other end of the spectrum. For that reason, and several others, annuities […]

{August 5th, 2015} by Thoma Bravo LLC

San Francisco – August 5, 2015 – Thoma Bravo, LLC, a leading private equity investment firm, announced today the acquisition of iPipeline, a leading technology provider of cloud-based software solutions to the life insurance industry. Financial details were not disclosed. “iPipeline typifies what we look for in an investment opportunity,” said Holden Spaht, a managing […]

{August 5th, 2015} by Linda Koco

Individual retirement account owners are supposed to withdraw money from their traditional IRA accounts during their retirement years. But are they doing that? Based on new figures out from the Employee Benefit Research Institute (EBRI), they definitely are doing that, especially once they hit required minimum distribution (RMD) age. Click HERE to read more… […]

{August 5th, 2015} by N/A

Stevens Point, WI – Sentry Life Insurance Company and the National Association of Insurance Marketers (NAIM) announced today a joint marketing agreement to offer Commit to Quit, a new term life insurance product designed specifically for cigarette smokers who want to live smoke-free. “Commit to Quit’s premiums are lower than those of most policies for […]

{August 5th, 2015} by LIMRA

WINDSOR, Conn., August 4, 2015 – LIMRA and the Society of Actuaries (SOA) today announced the formation of a research partnership, formalizing the ongoing relationship between the two organizations. “For more than 20 years, LIMRA and the SOA have been collaborating on policy holder behavior experience studies for the industry,” said Robert A. Kerzner, president […]

{August 5th, 2015} by Harry Stout

David Letterman recently retired after over 30 years on television and over 6,000 shows. During his late-night comedy career, he brought entertainment innovation, creativity and much enjoyment to his audience. Perhaps, most notably, was how his nightly Top Ten Lists often brought lots of laughs. Fixed annuity income riders are making their own impact in […]

{August 5th, 2015} by Glenda Bean and Maureen James

We know the value a fixed annuity product can add to a well-rounded retirement portfolio. Annuities are gaining national attention and acceptance as a source of reliable, guaranteed income in a time of market uncertainty. More and more consumers are looking to fixed annuities for the level of protection they add to a retirement income […]

{August 5th, 2015} by Kerry Pechter

The leading not-for-profit champion of fixed indexed annuities should explain the “diversion” of assets that was described in its IRS filing. The folks at the National Association for Fixed Annuities offered no comment yesterday when I called to ask about a cryptic paragraph that appeared on the next-to-last page of the organization’s draft 2014 Form […]

{August 4th, 2015} by Wink Rockstars

We send our sincere condolences out to Wink’s CEO, Sheryl J. Moore. Her grandfather, Raymond Sundberg recently passed away. Raymond Verlin Sundberg served as an insurance agent with New York Life and Midland National Life for years. He never knew a stranger, and loved talking with just about anyone. He was so very proud of Sheryl as they […]

{August 4th, 2015} by LifeHealthPro Staff

“Creativity is just connecting things,” Steve Jobs famously said, making one of the most pursued attributes in the business world sound beautifully simple and obtainable. Insurance is a multi-trillion dollar industry, and so, of course, millions of connections happen every day. Most of them go unnoticed. Click here to read…

{August 4th, 2015} by Business Wire

HARTFORD, Conn.–(BUSINESS WIRE)– The Phoenix Companies, Inc. (NYSE: PNX) (“Phoenix”) today announced that it completed the previously disclosed de-stacking of its insurance company subsidiaries, which are now all direct subsidiaries of Phoenix. Prior to the de-stacking, Phoenix Life Insurance Company (“PLIC”), a direct subsidiary of Phoenix, was the indirect parent of PHL Variable Insurance Company […]

{August 4th, 2015} by Cyril Tuohy

Income earned from the sale of annuities by large banking companies fell 5.5 percent to $840.1 million in the first quarter of 2015 from the year-ago period as investors preferred to hold off on tying up their capital in hopes of a rise in interest rates. Among the top 10 bank holding companies, eight reported […]

{August 4th, 2015} by Best's News Service

Oldwick – A.M. Best has upgraded the financial strength rating (FSR) to B+ (Good) from B (Fair) and the issuer credit ratings to “bbb-” from “bb+” of Liberty Bankers Life Insurance Company (Oklahoma City, OK), and its wholly owned life insurance subsidiaries, The Capitol Life Insurance Company (Dallas, TX) and American Benefit Life Insurance Company […]

{August 4th, 2015} by Business Wire

BELLEVUE, Wash., Aug 03, 2015 (BUSINESS WIRE) — Symetra Life Insurance Company posted record total annuity sales during the second quarter 2015 — exceeding $1 billion in quarterly annuity sales for the first time. Symetra’s fixed indexed annuities (FIAs) also posted record sales, with the highest quarterly production figures since the product launched in April […]

{August 4th, 2015} by North American Company

CHICAGO, IL, Aug 03, 2015 (Marketwired via COMTEX) — North American Company for Life and Health Insurance® recently announced enhancements made to the Rapid Builder IUL, part of the company’s popular indexed universal life insurance (IUL) product line. Enhancements include the addition of index crediting options for potential cash value growth, as well as new […]

{August 4th, 2015} by Cyril Tuohy

It’s a scene that takes place thousands of times each day across the nation. An employee gets fired or laid off, and isn’t sure about what to do with the $25,000 balance in the 401(k) account from their now-former employer. The solution: The ex-employee calls their insurance agent. Click HERE to read more…

{August 4th, 2015} by Cyril Tuohy

It seems as if the U.S. Department of Labor (DOL) proposal to amend conflict of interest rules around individual retirement accounts (IRAs) has split the annuity world down the middle, with fixed annuities on one side and variable annuities on the other. For the fixed annuity world life — so far — has appeared relatively […]

{August 4th, 2015} by Dan Cook

Life insurance buyers appear to be swinging heavily toward indexed universal life products,according to a Millman survey. The percent of universal life sales rose from 25 percent to 45 percent of all UL/IUL combined sales during the first three quarters of 2014, according to the survey. Click Here for a breakdown of the survey’s highlights:

{August 3rd, 2015} by Marlene Y. Satter

Millennials are looking for certainty when it comes to retirement planning—those who are doing anything about it, that is. And what they’re doing, in increasing numbers, is opting for—wait for it—annuities. Yes, the younger generation is going for what is often regarded as the old stodgy standby. Click HERE to read more…